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America Still Hiring At Breakneck Pace Apparently
For the second month in a row, ADP's report on private sector hiring in the US blew away expectations.
Private sector employers added 324,000 new jobs in July, according to the update, released on Wednesday.
At 190,000, consensus was nowhere close. The highest estimate from more than two-dozen sad economists who spent the first week of August forecasting ADP instead of cooking on a beach somewhere in the rotisserie we're still calling "Earth," was 280,000.
Last month's wild overshoot (the 4
How about a dataless narrative? All the large firm layoffs went to work at smaller firms – lol – like jobs and people are fungible, just like values in Excel.
Fed should like JOLTS and ADP data. Openings declining, wage growth easing, UE holding low.
As long is it doesn’t hurt, it’s nothing but good.